MIRA INFORM REPORT

 

 

Report Date :

22.10.2013

 

IDENTIFICATION DETAILS

 

Name :

NHA BE TEXTILE GARMENT TRADING JSC

 

 

Registered Office :

4 Ben Nghe St Tan Thuan Dong Ward, District 7, Ho Chi Minh

 

 

Country :

Vietnam

 

 

Financials (as on) :

December, 2012

 

 

Date of Incorporation :

10.03.2009

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Manufacturer of Garments & Accessories

 

 

No. of Employees :

131

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

Payment Behaviour :

No Complaints

Litigation :

Clear

 

NOTES:

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

 

ECGC Country Risk Classification List – March, 31st, 2013

 

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

Vietnam

B1

B1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

vietnam - ECONOMIC OVERVIEW

 

Vietnam is a densely-populated developing country that has been transitioning from the rigidities of a centrally-planned economy since 1986. Vietnamese authorities have reaffirmed their commitment to economic modernization in recent years. Vietnam joined the World Trade Organization in January 2007, which has promoted more competitive, export-driven industries. Vietnam became an official negotiating partner in the Trans-Pacific Partnership trade agreement in 2010. Agriculture's share of economic output has continued to shrink from about 25% in 2000 to less than 22% in 2012, while industry's share increased from 36% to nearly 41% in the same period. State-owned enterprises account for roughly 40% of GDP. Poverty has declined significantly, and Vietnam is working to create jobs to meet the challenge of a labor force that is growing by more than one million people every year. The global recession hurt Vietnam's export-oriented economy, with GDP in 2012 growing at 5%, the slowest rate of growth since 1999. In 2012, however, exports increased by more than 18%, year-on-year; several administrative actions brought the trade deficit back into balance. Between 2008 and 2011, Vietnam's managed currency, the dong, was devalued in excess of 20%, but its value remained stable in 2012. Foreign direct investment inflows fell 4.5% to $10.5 billion in 2012. Foreign donors have pledged $6.5 billion in new development assistance for 2013. Hanoi has oscillated between promoting growth and emphasizing macroeconomic stability in recent years. In February 2011, the government shifted from policies aimed at achieving a high rate of economic growth, which had stoked inflation, to those aimed at stabilizing the economy, through tighter monetary and fiscal control. Although Vietnam unveiled a broad, "three pillar" economic reform program in early 2012, proposing the restructuring of public investment, state-owned enterprises, and the banking sector, little perceptible progress had been made by early 2013. Vietnam's economy continues to face challenges from an undercapitalized banking sector. Non-performing loans weigh heavily on banks and businesses. In September 2012, the official bad debt ratio climbed to 8.8%, though some independent analysts believe it could be higher than 15%.

 

Source : CIA

 

REGISTERED NAME & COMPANY SUMMARY

 

Company Details

 

Organization Name

:

NHA BE TEXTILE GARMENT TRADING JSC

Address

:

4 Ben Nghe St Tan Thuan Dong Ward, District 7, Ho Chi Minh

Country

:

Vietnam

Phone (S)

:

[+84] 8-38724750

Facsimile

:

[+84] 8-38726859

Email

:

dongphuc24@gmail.com

Website

:

http://www.dongphuc24.com

Primary Business Activity

:

Manufacturer

Key Industry

:

Garments & Accessories

 

Key Facts

 

Registered Legal Address

:

4 Ben Nghe St Tan Thuan Dong Ward, District 7, Ho Chi Minh

Operational Address

:

4 Ben Nghe St Tan Thuan Dong Ward, District 7, Ho Chi Minh

Issuing Authority

:

Dept. of Planning & Investment - Ho Chi Minh

License Number

:

0307446362

License Status

:

License exists - Normal.

Legal Form - Category

:

Joint Stock Company

Legal Form

:

Joint Stock Company

Legal Form - Abbreviation

:

JSC

Operational Status of Business

:

Normal

Date of Registration

:

10 Mar, 2009

Employees

:

131

Capital

:

US$ 236,850

 

Report Details

 

 

Country

:

Vietnam

Business Entity Name

:

NHA BE TEXTILE GARMENT TRADING JSC

Primary Business Activity

:

Manufacturer

Primary Industry

:

Garments & Accessories

Office Contact Details

Operating Address

:

4 Ben Nghe St Tan Thuan Dong Ward, District 7, Ho Chi Minh

Tel

:

[+84] 8-38724750

Fax

:

[+84] 8-38726859

Email

:

dongphuc24@gmail.com

Website Details

Website

:

http://www.dongphuc24.com

Status

:

Normal - operational

Ownership Type

:

Registered ownership by a related third party

Owner Country

:

Vietnam

Owner Name

:

NHA BE TRADING JSC

 

 

 

DIRECTORS/MANAGEMENT

 

 

COMPANY MANAGEMENT

 

 

 

Management Listings

 

 

Name

Nationality

Job Description

Dept. / Division

1

Ms. Trinh Thi Tham

Vietnamese

Chief Accountant

-

2

Mr. Nguyen Van Tram

Vietnamese

Vice Director

-

 

 

Management Details - 1

Personal Unique Identifier

:

MI03543382

Name

:

Ms. Trinh Thi Tham

 

Date of Birth

:

1984

 

 

Management Details - 2

Personal Unique Identifier

:

MI03543380

Name

:

Mr. Nguyen Van Tram

 

 

 

COMPANY DIRECTORS

 

1

 

 

Personal Unique Identifier

:

MI03543379

Name

:

Mr. Dinh Van Thap

Date of Birth

:

1963

Nationality

:

Vietnamese

 

 

NEGATIVE INFORMATION

 

 

REPUTATION

 

Reference checking for the purpose of establishing the NHA BE TEXTILE GARMENT TRADING JSC's reputation within the respective industry failed to reveal any adverse information.

 

 

NEGA-SCAN - ADVERSE DATA MONITORING

 

 

DISHONORED CHECKS

 

No Record Found

 

http://www.asiancredit.com/Manage/Image/space.gif

 

DEBT

 

No Record Found

 

http://www.asiancredit.com/Manage/Image/space.gif

 

LITIGATION

 

No Record Found

 

http://www.asiancredit.com/Manage/Image/space.gif

 

PERFORMANCE DEFAULTS

 

No Record Found

 

http://www.asiancredit.com/Manage/Image/space.gif

 

ADVERSE LOCAL MEDIA COVERAGE / ADVERSE FILING HISTORY

 

No Record Found

 

http://www.asiancredit.com/Manage/Image/space.gif

 

 

SHARE & SHARE CAPITAL INFORMATION

 

 

CAPITAL (Currency: VND - Vietnam Dong)

 

Authorized Capital

:

5,000,000,000

 

 

SHAREHOLDERS

 

Total number of shareholders

:

n/a

Total number of shares

:

n/a

 

Currency

:

VND - Vietnam Dong

 

No.

Shareholders

Country

Shares

Number

Amount (VND)

%

1

NHA BE GARMENT CORP - JSC

Vietnam

n/a

n/a

51.00

2

Undisclosed Shareholders

n/a

n/a

n/a

40.00

3

Mr. Dinh Van Thap

Vietnam

n/a

n/a

5.00

4

Ms. Duong Thi Ngoc Dung

Vietnam

n/a

n/a

2.00

5

Mr. Le Mac Thuan

Vietnam

n/a

n/a

1.00

6

Mr. Pham Phu Cuong

Vietnam

n/a

n/a

1.00

Total

n/a

n/a

100.00

 

 

Based on corporate statutory laws / regulations in Vietnam, there is no requirement for public disclosure of Shareholders. In this case, the Shareholders information was supplied by the Subject Business Entity.
However in the absence of data normally obtained from local Statutory Authorities, it is not possible to verify the accuracy of data supplied and hence is provided as reference ONLY.

 

 

PAYMENT INFORMATION

 

 

PAYMENT TERMS

 

Selling

 

Type

Terms

Local

Cash on delivery (COD)

Credit - Unsecured 30~60 days

Export

Letter of Credit (At-sight)

Telegraphic Transfer (T/T) - Received at time of transaction

 

Purchasing

 

Type

Terms

Local

Cash on delivery (COD)

Credit - Unsecured 30~60 days

Import

Letter of Credit (At-sight)

Telegraphic Transfer (T/T) - Executed at time of transaction

 

 

GROUP STRUCTURE & AFFILIATED COMPANIES

 

 

DIRECT / INDIRECT CORPORATE PARENT DETAILS

 

Direct Parent

:

NHA BE GARMENT CORP - JSC

Global Identifier

:

P1411231

Legal Form Category

:

Joint Stock Company

Country

:

Vietnam

Operational Address

:

4 Ben Nghe Tan Thuan Dong Ward District 7 Ho Chi Minh

Primary Business Activity

:

Manufacturer

 

 

RELATED PARTIES (Subsidiaries , Joint-ventures & Affiliates)

 

 

 

The following provides a summary of the number of businesses that are related to NHA BE TEXTILE GARMENT TRADING JSC:

 

 

TYPE

DOMESTIC

TOTAL

Subsidiaries

-

Joint-Ventures

-

Minority shareholdings

-

Affiliates

1

 

 

Domestic

 

 

 

Business Entity Name

:

NHA BE TRADING JSC

Global Identifier

:

P2882625

Country

:

Vietnam

Relationship

:

Affiliate

Primary Business Activity

:

Trader

Industry

:

Garments & Accessories

 

 

 

FINANCIAL INFORMATION

 

Financials - Summary  (Currency: USD - US Dollar)

Year

Sales

Assets

Net Income

2011 Annual  

4,340,903

2,810,514

237,110

2012 Annual  

6,463,395

3,402,601

468,675

 

Sales Trend – Analysis

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

-

-

-

-

-

-

-

-

-

http://www.asiancredit.com/Manage/image/up_arrow_04.gif

 

 

FINANCIAL STATEMENT - DETAILED

 

 

 

 

Balance Sheet

 

Currency

:

VND

Denomination

:

1

Financial Year Ending

:

December

 

Financial Highlights

2011 Annual

2012 Annual

Current Assets

57,783,000,000

66,987,000,000

Non Current Assets

760,000,000

3,871,000,000

Share Capital

5,000,000,000

5,000,000,000

Other long term assets 

Total Assets

58,543,000,000

70,858,000,000

Total Liabilities

48,181,000,000

54,226,000,000

Current Liabilities

48,181,000,000

54,226,000,000

Long term liabilities 

Shareholders Funds

10,362,000,000

16,632,000,000

 

Current assets & short term investments

57,783,000,000

66,987,000,000

Cash & cash equivalents

21,433,000,000

17,304,000,000

Cash

18,433,000,000

16,304,000,000

Cash equivalents

3,000,000,000

1,000,000,000

Accounts receivable

19,891,000,000

30,307,000,000

Accounts receivable trade

19,357,000,000

29,459,000,000

Trade prepayment

605,000,000

730,000,000

Others receivables

5,000,000

487,000,000

Provision for bad debts

(76,000,000)

(369,000,000)

Inventories I

15,664,000,000

17,277,000,000

Inventories II

16,361,000,000

19,974,000,000

Provision for decline in inventory

(697,000,000)

(2,697,000,000)

Other short term asset I

795,000,000

2,099,000,000

Prepaid expenses

84,000,000

270,000,000

VAT deductible

-

1,829,000,000

Other short term asset II

711,000,000

-

Long term assets

760,000,000

3,871,000,000

Fixed assets

346,000,000

2,935,000,000

Tangible fixed assets

346,000,000

2,533,000,000

Cost

608,000,000

2,973,000,000

Accumulated depreciation

262,000,000

440,000,000

Construction in progress

-

402,000,000

Long term investments

300,000,000

300,000,000

Invest to joint venture company

300,000,000

300,000,000

Other long term assets I

114,000,000

636,000,000

Long term prepayments

-

65,000,000

Asset of income tax delay

24,000,000

541,000,000

Other long term assets II

90,000,000

30,000,000

Total assets

58,543,000,000

70,858,000,000

Liabilities

48,181,000,000

54,226,000,000

Current liabilities

48,181,000,000

54,226,000,000

Short term borrowings

-

323,000,000

Accounts payables-trade

26,465,000,000

28,066,000,000

Advances from customers

7,575,000,000

2,007,000,000

Taxes and payable to state budget

4,434,000,000

5,472,000,000

Payable to employees

3,712,000,000

11,589,000,000

Accrued expenses payable

5,969,000,000

4,827,000,000

Other payables

26,000,000

174,000,000

Bonus and welfare funds I

-

1,768,000,000

Owner's equity I

10,362,000,000

16,632,000,000

Owner's equity II

10,018,000,000

16,632,000,000

Business capital

5,000,000,000

5,000,000,000

Business development funds

1,000,000,000

2,959,000,000

Financial reserved funds

347,000,000

846,000,000

Retained earnings

3,671,000,000

7,827,000,000

Budget sources

344,000,000

-

Bonus and welfare funds II

344,000,000

-

Total resources

58,543,000,000

70,858,000,000

 

 

Income Statement

 

Currency

:

VND

Denomination

:

1

Financial Year Ending

:

December

 

Financial Highlights

2011 Annual

2012 Annual

Turnover

90,421,000,000

134,598,000,000

Profit (Loss) Before Tax

7,336,000,000

12,676,000,000

Profit After Tax attributable to Shareholders

4,939,000,000

9,760,000,000

 

Gross sales

90,421,000,000

134,598,000,000

Less deductions

21,000,000

-

Net income

90,400,000,000

134,598,000,000

Cost of goods sold

55,886,000,000

82,400,000,000

Gross margin

34,514,000,000

52,198,000,000

Income from financial activities

147,000,000

385,000,000

Expenses from financial activities

533,000,000

190,000,000

In which: Interest expenses

-

144,000,000

Selling expenses

19,749,000,000

29,257,000,000

General & administration expenses

7,079,000,000

10,326,000,000

Net income from operating activities

7,300,000,000

12,810,000,000

Extraordinary income

63,000,000

19,000,000

Extraordinary expenses

27,000,000

153,000,000

Extraordinary gains

36,000,000

(134,000,000)

Net profit before tax

7,336,000,000

12,676,000,000

Income tax

2,421,000,000

3,329,000,000

Income tax delay

24,000,000

413,000,000

Net profit after tax

4,939,000,000

9,760,000,000

 

 

Financial Ratios

 

Financial Highlights

2011 Annual

2012 Annual

Growth % 

Year-on-Year Growth

-

48.86

Profitability 

Profit Margin (%)

5.46

7.25

Return on Equity (%)

47.66

58.68

Return on Assets (%)

8.44

13.77

Leverage 

Total Debt Equity (Times)

4.65

3.26

Current Debt Equity (Times)

4.65

3.26

Total Asset To Total Equity

5.65

4.26

Asset Management 

Total Assets Turnover (Times)

1.54

1.90

Fixed Assets Turnover (Times)

118.98

34.77

Liquidity 

Current Ratio

1.20

1.24

 

Based on the corporate laws of Vietnam, legal entities which are Joint Stock Company are not required to make public disclosure of their annual financials. Although financials were obtained for reference.

 

 

FOREIGN EXCHANGE RATES

 

Today's Exchange rate

:

1.00 VND
Vietnam Dong

=

0.000047 USD
United States Dollars

 

 

ADDITIONAL INFORMATION

 

Primary Products

Products / Materials / Services Description

Activity

Garments

Manufacturing, Exporting

Textiles

Manufacturing, Exporting

Uniforms

Manufacturing, Exporting

 

International Trade - Statistics  (Currency: USD - US Dollar)

Year

Imports

Exports

Total

2011

n/a

868,181

868,181

2012

n/a

1,292,679

1,292,679

 

 

SIC PRODUCT CLASSIFICATION & ACTIVITY

 

 

 

Product/Service Description

Code

Activity

Apparel and accessories, nspf

2389

Manufacturing, Exporting

Apparel/Other Textile Products

2300

Manufacturing, Exporting

Fabricated textile products, nspf

2399

Manufacturing, Exporting

 

 

 

 

HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY

 

 

 

Product/Service Description

Code

Activity

Articles of apparel & clothing accessories-knitted or crocheted

6100

Manufacturing, Exporting

Garments nesoi, knitted or crocheted

6114

Manufacturing, Exporting

Textile products etc. for specific tech uses

5911

Manufacturing, Exporting

 

 

 

 

CORE BUSINESS DESCRIPTION

 

 

 

Core Business

 

The primary business focus of NHA BE TEXTILE GARMENT TRADING JSC is Manufacturing - Finished products.

Key products include :

Garments

Textiles

Uniforms


An integral part of the core business includes:

Distribution

 

 

 

Supplementary Business

 

In addition to the core business, NHA BE TEXTILE GARMENT TRADING JSC also is engaged in the following areas of business:

Exporting

Exporting - Finished products

Importing

Importing - Raw materials

 

 

 

 

DOMESTIC SALES & PURCHASES

 

 

 

Annual Sales Analysis

Percentage

Domestic Sales

80%

International Sales (Export)

20%

 

 

 

 

Annual Purchases Analysis

Percentage

Local Purchases

50%

Imports

50%

 

 

 

 

BANK DETAILS

 

 

 

Bank Name

:

ASIA COMMERCIAL BANK

Global Identifier

:

P0075118

Branch

:

District 3,Ho Chi Minh

Branch Address

:

ASIA COMMERCIAL BANK - HO CHI MINH, TRANSACTION OFFICE

SWIFT Code

:

ASCBVNVX

 

 

 

 

LOCAL BRANCHES & MANAGEMENT

 

 

 

Branch

:

NHA BE TEXTILE GARMENT TRADING JSC - HAI CHAU DIST, DA NANG

Branch Address

:

39 Ly Thuong Kiet St, Hai Chau Dist, Da Nang

 

Branch

:

NHA BE TEXTILE GARMENT TRADING JSC - HAI BA TRUNG DIST, HANOI

Branch Address

:

42F Vo Thi Sau St Thanh Nhan Ward, Hai Ba Trung Dist, Hanoi

 

 

 

INTERNATIONAL TRADE - Activity & Markets

 

 

 

 

Country / Region

Estimated level of importance

Trading Activity

Asia / Pacific

Medium

Importing, Exporting

China

Medium

Importing

Japan

Medium

Exporting

Malaysia

Medium

Importing

Taiwan

Medium

Exporting

 

 

 

 

OFFICE & FACILITIES

 

 

 

Name

:

NHA BE TEXTILE GARMENT TRADING JSC - DISTRICT 7, HO CHI MINH

Address

:

4 Ben Nghe St Tan Thuan Dong Ward, District 7, Ho Chi Minh

Country

:

Vietnam

Status

:

Operational

 

 

NOTES & COMMENTS

 

Na

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.49

UK Pound

1

Rs.99.41

Euro

1

Rs.84.12

 

 

INFORMATION DETAILS

 

Report Prepared by :

SDA

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

71-85

Aa

Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums

 

Large

56-70

A

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

 

Fairly Large

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

11-25

Ca

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

 

Limited with full security

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

----

NB

New Business

----

 

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

 

Financial condition (40%)            Ownership background (20%)                  Payment record (10%)

Credit history (10%)                   Market trend (10%)                                Operational size (10%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.